ITR submitting deadline for FY21 prolonged to Sept 30 as a result of Covid

Amid coronavirus pandemic, the federal government on Thursday determined to increase the deadline to file earnings tax returns for FY21 for people to September 30, 2021 from previoue deadline of July 31, 2021.

“The Central Authorities, in continuation of its dedication to handle the hardship being confronted by varied stakeholders on account of the extreme Covid-19 pandemic, has, on consideration of representations obtained from varied stakeholders, determined to increase timelines for compliances below the Revenue-tax Act,1961,” mentioned Ministry of Finance in an announcement.

The ITR submitting deadline for FY20 was prolonged to January 10, 2021.

The Central Board of Direct Taxes (CBDT) has additionally prolonged the ITR submitting deadline for corporations by a month until November 30.

The deadline for taxpayers, like corporations or corporations, whose accounts are required to be audited is October 31.

CBDT additionally mentioned that the deadline for issuing Kind 16 by employers to workers has been prolonged by a month until 15 July.

“Revenue Tax Dept can even launch its new e-filing portal on 7 June, 2021. Present ITD portal wouldn’t be obtainable to taxpayers/different stakeholders for a quick interval of 6 days, from 1 June, 2021 to six June, 2021,” in keeping with an announcement from the Revenue Tax Division.

The due date for submitting the tax audit report and switch pricing certificates has been prolonged by a month until October 31 and November 30, respectively. For submitting belated or revised return of earnings, the due date is now January 31, 2022.

Moreover, the deadline for monetary establishments to furnish the Assertion of Monetary Transaction (SFT) report has been prolonged until June 30, from Might 31, 2021.

Nangia & Co LLP Associate Shailesh Kumar mentioned the extension of due dates is probably going to offer some reduction to taxpayers on the tax compliance entrance.

“Nonetheless, for taxpayers, whose complete earnings tax legal responsibility will not be discharged by TDS and advance tax and such shortfall is greater than Rs 1 lakhs, they need to endeavour to file their ITR inside respective authentic due date to keep away from the cost of curiosity u/s 234A, which is charged on submitting ITR past the unique due date on the fee of 1 per cent per thirty days for each month/ half thereof after the unique due date of submitting ITR,” Kumar added.

The CBDT had on April 1 notified varieties for submitting I-T returns for 2020-21 fiscal, and mentioned that protecting in view the continuing disaster as a result of COVID pandemic and to facilitate the taxpayers, no vital change has been made compared to the final yr’s ITR Types. The brand new ITR varieties ask taxpayers if they’re choosing a brand new tax regime.

For the 2020-21 fiscal, the federal government had given taxpayers the choice to decide on a brand new tax regime below part 115BAC of the I-T Act.

The brand new I-T slabs could be for people not availing or foregoing sure specified deductions or exemptions whereas computing complete earnings for tax objective.

Beneath this, annual earnings as much as Rs 2.5 lakh is exempt from tax. These people incomes between Rs 2.5 lakh and Rs 5 lakh can pay 5 per cent tax. Revenue between Rs 5 and seven.5 lakh shall be taxed at 10 per cent, whereas these between Rs 7.5 and 10 lakh at 15 per cent.

These incomes between Rs 10 and 12.5 lakh can pay tax on the fee of 20 per cent, whereas these between Rs 12.5 and Rs 15 lakh can pay on the fee of 25 per cent. Revenue above Rs 15 lakh shall be taxed at 30 per cent.

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